Tripoli, December 2023 - In an effort to streamline its customer service operations and enhance its customers’ digital banking experience, Libyan Islamic Bank (LIB) has partnered with Backbase, the renowned expert in engagement banking platform solutions worldwide. Established in 2017 with a primary focus on retail and corporate segments, LIB has been a steady presence in the financial landscape of Libya, abiding by the principles and legislations of Islamic Sharia.
As the banking industry continues to evolve, LIB recognizes the need to modernize and adapt to the changing preferences and expectations of its clientele. The initiative to revamp its existing mobile app for retail customers and introduce new digital apps for business users comes at a critical time. This move is expected to significantly reduce friction in customer onboarding and servicing processes, thereby promoting a smoother, more intuitive banking experience. Backbase stands out as a market leader with top-notch innovative digital platform capabilities, making it a preferred choice for this partnership.
Central to this transformation is the introduction of Backbase's Engagement Banking Platform, a single omni-channel banking platform, that aligns well with LIB's aspirations to adopt a customer-centric approach, orchestrate user journeys across all touchpoints, and innovate at the speed of digital. Recognized for its innovative digital capabilities, Backbase offers a tailored solution to meet the challenges encountered in modern banking operations. This collaboration marks a significant shift in LIB's strategy, as it leverages Backbase's expertise to facilitate quicker transitions to customer-centric platforms.
One of the main objectives of this collaboration is to increase digital adoption rates among LIB customers, enabling self-service options that are more aligned with the current market trends and customer demands. By enhancing the functionalities of its existing platforms, LIB aims to not only attract a larger customer base but also foster long-term relationships through improved service offerings.
A significant part of this endeavor involves reducing the bank's reliance on branch-based operations, a move that is expected to not only streamline processes but also promote greater efficiency and cost-effectiveness. It necessitates the removal of legacy systems and manual paper-based processes which have long been recognized as impediments to swift and smooth service delivery.
Mr. Adel Kashad, acting GM of LIB, remarked, "In these times of rapid technological advancements, it is vital for financial institutions to adapt and innovate continually. This partnership signifies our commitment to providing our customers with more streamlined and efficient banking solutions. By collaborating with Backbase, we aim to enhance our digital service offerings, bringing a new level of convenience and functionality to our clients, thus reiterating our position as a bank that is truly in sync with the needs of contemporary consumers."
Mr. Matthijs Ejipe, Regional Vice President of Backbase, commented on the collaboration, stating, "This partnership with LIB marks a significant step in the direction of creating more nuanced and customer-centric experiences in the banking sector. Our Engagement Banking Platform is designed to facilitate seamless customer journeys, and we believe this initiative will set a new standard in the industry, fostering growth and innovation in the region."
About Libyan Islamic Bank
Libyan Islamic Bank, established in 2017, is an Islamic financial institution based in Libya with a capital of 250 million Libyan dinars. Operating in line with the provisions and legislations of Islamic Sharia, the bank primarily focuses on retail and corporate segments, striving to provide services that adhere to the highest standards of Islamic banking. For more information, visit.
Backbase is on a mission to re-architect banking around the customer.
Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.
Industry analysts Gartner, Celent, Omdia and IDC continuously recognize Backbase’s category leadership. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform - including Over 120 financials around the world have embraced the Backbase Engagement Banking Platform - including Standard Bank, Mauritius Commercial Bank, I&M, BIAT, Stanbic Bank, Advanzia, Banco Caja Social, Banco de la Nacion Peru, Bank of the Philippine Islands, Citizens Bank, Greater Bank, HDFC, Judo Bank, KeyBank, National Bank of Bahrain, Natwest, Raiffeisen, Société Générale Group, and TPBank.
Backbase is a private fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Boise, Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Milano, New York, Saudi Arabia, Singapore (Asia HQ), Sydney, and Toronto.